Section 5-348 - Use of proceeds.
§ 5-348. Use of proceeds.
(a) Authorized uses.- The proceeds of a child care special loan may be used:
(1) to assist the applicant in meeting applicable State and local child care standards;
(2) to pay for minor renovations, and to upgrade child care facilities, to ensure that applicants meet State and local child care standards; or
(3) to purchase and install equipment and furniture, including equipment needed to accommodate children with special needs.
(b) Prohibited uses.- Except as provided in subsection (a) of this section, the proceeds of a child care special loan may not be used:
(1) to purchase or improve land; or
(2) to purchase, construct, or improve a building or facility.
[An. Code 1957, art. 83A, § 5-1409(m); 2008, ch. 306, § 2.]